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Marshall's Definition of Economics | Management Class 11

Marshall's (1842 - 1924) Definition of Economy  Class: 11
Economics | Notes
Marshall's (1842 - 1924) Definition of Economics
Class: 11
New classical economist Alfred Marshall publish a book “principal of economic in 1890 and define economic from different angle. He re-corrected the Adam Smith’s definition. His Argued Human thus marshal views are also know as material welfare view.

According to the Marshall’s “Economic is the study of Man Kind in ordinary business of life. It examines that part of individual and social action with must closely connected with the attainment and with the use of material request of well being. Thus it is one side of study of wealth and the other more important side part of study of man.

The main characteristics of Marshall’s definition are as follows:
  1. Study of mankind in ordinary business of life, Economic gives the first place to human considering. The human activities of attained and uses of the wealth to get material welfare. It doesn’t consist activities unrelated to material welfare which is not ordinary business of the life in other word economic can’t study apernormal life of human.
  2. It is a social science: Economic study is only social activities related with material welfare so it is a social science and normative science.
  3. It gives second place to wealth and first place to human.
  4. Material welfare goal of human life.
Criticism of Marshall’s Definition
Those definition of economic is widely accepted and respected for a long time. It is not completely neglected till now some critic of this definition raised after the book of L. Robbins in 1932. Marshall’s definition is criticized as following:
  1. This definition divides goods in to material and immaterial. This classification also unjustified.
  2. Marshall’s argues that economic is only social science but Robin describe as human science.
  3. Economic is out only normative science, it is positive science as well as.
  4. This definition divided human work in ordinary and externally ordinary business which is not a appropriate.
  5. Only material welfare is not goal of human life.
  6. Marshall’s definition can’t include modern economical issued so it narrate the scope of economic. 
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